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Best Online Business Bank Accounts For Llc – So you’ve started your dream business (send the claps and confetti cannons!). But now is the time to clear your records. You might be wondering:
Some businesses are legally required to open a separate business bank account. And even if you don’t legally need to separate funds, you might want to.
Best Online Business Bank Accounts For Llc
Whether your business legally needs a separate bank account for personal and business finances comes down to two factors: the structure and name of your business.
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An independent legal entity is a company that operates independently of its owner. If your company is incorporated, your company is a separate legal entity.
Limited liability companies and corporations are separate legal entities. If you operate as one of these business structures, you must open a separate business bank account.
Sole proprietors and partnerships are not legally required to open a business bank account unless you have…
A DBA name is a fictitious name that differs from your company’s legal name (eg, legal name Mark Smith / DBA Mark’s Mechanics). Many companies often operate under a DBA name instead of their legal name.
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So, are you a sole proprietorship or a partnership? Are you operating under a DBA name (also called a business name)? If so, you’ll need a separate business bank account.
If your business is not structured as an LLC or corporation and if you do not operate under a DBA name, you may be wondering:
Well, you might want to strongly consider opening a separate account independently. There are a number of benefits that you can get from opening a business bank account.
Imagine combining all your personal and business transactions. You’d waste time sorting through invoices and receipts when it’s time to update your books or file your taxes. Sounds like a recipe for disaster, right?
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Not to mention, opening a separate account for business can help avoid any confusion with the IRS. To avoid an IRS nightmare and unnecessary stress, learn how to organize your business receipts and ledgers. If you combine your business and personal transactions, be sure to keep a paper trail to avoid problems.
Just getting started? Overwhelmed? You need control and plenty of resources to guide you through the process of starting a business. That’s why we’ve created our (completely FREE) guide to starting a business. Look at!
All banks require businesses to provide some form of documentation when opening a business account. So you need to gather information (also, paperwork to prove you’re a legitimate business).
Depending on your bank’s requirements, you may need to provide various information to set up a business bank account. When researching your banking options, make sure you know what each one’s requirements are for opening a business bank account.
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The documents you need may vary depending on your type of business structure. See which documents you must provide, broken down by business entity.
Opening a business bank account is a big step for your business. And to open an account you need to do some research and follow a few steps.
*Generally, you can choose between opening the account in person or online. But you must open your small business bank account in person if you are in one of the following industries:
Consider tracking your funds to make sure they’re going in and out of the right accounts. Catching problems early can prevent future financial disasters.
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Allows you to connect your bank or credit card to automatically import transactions. Or, you can record the information manually using journal entries. The choice is yours! Start your free trial today! Applying for a bank account can bring many benefits to your business, but it often seems like a daunting task. This is especially true when you’re running a newly incorporated LLC and trying to balance the competing demands of a new business.
The options for business checking accounts seem endless, and it can be difficult to decipher which account is best for your LLC.
Fortunately, we’ve compiled a list of the best business bank accounts for LLC owners. We’ll compare the different requirements, benefits of each, and fees for opening a business bank account. Let’s get started.
Opening an account with traditional banks can often be time-consuming and complicated. Bonsai Cash is a business checking account that is easy to set up. Even worse, you may have to pay some additional fees, which is not ideal for LLC owners starting their business.
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Bonsai Cash is a better alternative: a convenient, easy-to-use and intuitive business account for managing finances, sending money, simplifying expenses and building a rainy day fund. With Bonsai Cash, you can manage everything in one simple platform that saves you the hassle of juggling different accounts.
Bonsai Cash has also incorporated a feature called Envelopes that allows you to create sub-accounts. This allows you to have separate savings accounts for vacations, emergency funds, tax liability, etc. Bonsai Cash is ideal for LLC owners who want to set up quickly, send payments instantly, and easily manage their business account.
The BlueVine Business Checking account earns 1.20% APY on all balances up to $100,000, which is higher than what you’ll find at most brick-and-mortar banks. And unlike other interest-earning accounts, it doesn’t require you to maintain a minimum daily or monthly balance.
There are no monthly fees, underpayment penalties, ACH payment fees, or minimum opening deposits for BlueVine’s business bank account. This account also includes unlimited transactions and free ATM access.
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The account gives you all the tools you need to manage your money, including mobile check deposits and recurring and one-time payments. You can also link transactions to accounting software such as QuickBooks Online, Wave, or FreshBooks. In addition, you can connect your accounts to third-party services such as PayPal and Expensify.
BlueVine does not provide personal services through branches. However, customers can still use multiple transaction options as BlueVine has partnered with several other financial networks. For example, through the MoneyPass ATM network, BlueVine users can access more than 38,000 free ATMs in the United States.
Although BlueVine has no physical offices, you can still make cash payments with BlueVine. Green Dot, a bank holding company, has partnered with BlueVine to enable online banking customers to make cash payments. Currently, you can make cash payments at over 90,000 merchants across the United States.
Unfortunately, cash deposits come with a fee, one of the few BlueVine services you’ll have to pay for. Green Dot charges up to $4.95 for each cash deposit, which may be subject to daily limits.
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The Axos Basic Business Checking account is ideal for LLC owners who don’t want to deal with monthly fees or maintain a minimum balance.
With this account, you won’t pay any monthly maintenance fees, so you don’t have to worry about waiving the monthly fee that most legacy banks charge.
And while the account has a minimum deposit, you don’t need to maintain a balance to avoid additional fees or account closure. On the other hand, most brick-and-mortar stores require you to maintain a minimum amount, which can be difficult for newly incorporated LLCs and first-time business owners.
The Business Interest Checking Account may be a better fit if you want to earn interest on your money, have a balance of at least $5,000, and make a few transactions each month.
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With this account, customers can earn interest rates of up to 0.81%, depending on the amount of their accounts. To open a business interest checking account, you must first deposit at least $100. Additionally, you must maintain a minimum daily balance of $5,000 to waive the $10 maintenance fee.
Similar to the Basic Business Checking Account, the Business Interest Checking Account offers unlimited domestic ATM fee reimbursements. Your first 50 transactions each month are free and each additional transaction costs $0.50. Please note that you are limited to 60 deposit attempts with Remote Deposit Anywhere, which allows you to deposit checks remotely using the Axos Bank mobile app.
Another benefit? If you’re the owner of a newly incorporated LLC, you can earn a $200 account opening bonus. You can use promo code NEWBIZ100 to claim the bonus. Note that you will need to maintain a minimum daily balance of at least $2,500 for the first two months to claim the $200 bonus.
Wells Fargo is the fourth largest bank by assets and has nearly 5,000 branches in 37 states, making it a good choice for businesses with multiple locations or those who prefer personal banking. The Business Choice Checking account includes a debit card, online and mobile banking, and access to 16,000 ATMs nationwide.
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Business owners can take advantage of services such as business services, payroll services and business credit cards through Wells Fargo. The Business Choice Checking Account has a $15 monthly service fee that can be waived if you maintain an average balance of $7,500.
Additionally, you have a $7,500 monthly limit on the amount of cash deposits you can make without paying any fees, which is
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